TDP MLC Vakati Narayana Reddy arrested by CBI

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TDP MLC Vakati Narayana Reddy was arrested by the Central Bureau of Investigation today in Bengaluru.

The MLC in question was facing allegations of defrauding the Banks for the past some time. He was taken into custody by the investigating agency and after coming to conclusion that he defrauded the banks was arrested in the evening.

Vakati Narayana Reddy is handling Vakati VNR Infra, VNR Rail, Logistics and other companies. He posses a building worth over Rs.12 core in Shamirpet in Hyderabad. He applied Rs.250 crore loan by hiking the value of the building with fake documents from Industrial Finance Corporation of India. The Finance Corporation in 2014 has sanctioned Rs.190 crore loan and Vakati failed to pay the loan amount and interest that rose to Rs.205.02 crore. The Finance Corporation found that the documents submitted by him for the loan were found to be fake and lodged a complaint with the CBI on May 5 last year. The CBI registered a case and conducted raids on May 12 in Nellore, Hyderabad and Bengalure offices and seized documents.

It may be noted that the VNR Infra and VNR Rail companies have filed IP petition. On the other hand, Vakati Narayana Reddy availed loans from State Bank of India, Hyderabad, Bank of Baroda, Indian Overseas Bank to the tune of Rs.443 crore. The banks have got attachment orders.